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Akimi4 [234]
3 years ago
8

You have decided to start saving for college and open up a 529 account. You invest $5,000 into the account at a 2% interest rate

compounded monthly. How much money will you have after 5 years?
$5,520.40
$5,525.39
$6,744.25
$16,405.15
Mathematics
1 answer:
raketka [301]3 years ago
6 0

You will have $5,525.39 after 5 years.

Because the interest is compounded monthly, you need to convert the interest rate and the term of investment to a monthly basis.

Monthly interest = 2% / 12 = 2/12%

Term of investment = 5 x 12 = 60 months

To find the amount you will have in 5 years, use the formula:

<em>Future value = Amount * ( 1 + interest) ^ term of investment </em>

= 5,000 x ( 1 + 2/12%)⁶⁰

= $5,525.39

In conclusion, your investment will have compounded to $5,525.39 in 5 years.

<em>Find out more at brainly.com/question/3473483.</em>

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